Tools & Equipment Insurance for Elevator Contractors
Elevator contractors carry expensive, specialized equipment: tension gauges, door panel testing rigs, speed governors, rope inspection equipment, digital levels, and diagnostic systems. When your tools are stolen, damaged, or lost, your ability to work stops.
What's Covered
- Theft: Tools stolen from your vehicle or job site
- Accidental damage: Power tools dropped in a hoistway
- Transit: Equipment damaged while being transported
- Job site: Tools damaged by a third party on site
What's NOT Covered
- Normal wear and tear
- Breakdown (equipment breakdown is a separate policy)
- Tools left unattended in an unlocked vehicle (some policies require locked storage)
Typical Coverage Limits
Most elevator contractors carry $25,000–$100,000 in tool coverage depending on their specialized inventory. Diagnostic equipment and calibrated instruments can carry significant replacement costs.
Common Questions
Does GL cover stolen tools?
No. GL covers third-party claims (injury, property damage). Your own tools require a separate inland marine / tools & equipment policy.
How are tool values determined?
Policies are written on either an actual cash value (ACV) or replacement cost basis. We recommend replacement cost for specialized elevator diagnostic equipment.